Key points:
- Porting allows homeowners to transfer their existing mortgage rate and terms to their new property if they purchase another home and move.
- The big advantage of this move is it allows homeowners to avoid prepayment penalties.
The power of porting your mortgage
In this video, I discuss a key money-saving feature of your mortgage called “porting,” which allows individuals to transfer their existing mortgage rate and terms to their new home. Even if more money is needed for the new property, blending the old rate with a new one can result in a favourable deal with lower monthly payments. The major advantage is that by porting the mortgage, individuals can avoid penalties and prepayment charges, putting more money back into their pockets.
Don’t feel like watching? Find the full transcript below!
Chris: [00:00:00] If you are one of those amazingly lucky people that has a low fixed rate mortgage and are thinking of buying, then you’re going to want to pay attention to this money saving feature of your mortgage. It’s called porting. Porting means that you can transfer your existing mortgage rate and terms to your new home, even if you need more money for your new dream pad. No worries. Blend your old rate with a new one for a sweet deal and low monthly payments. And here’s the real kicker. By porting your mortgage, you avoid all those pesky penalties and prepayment charges, which is money right back in your pocket. So whether you’re upgrading, downsizing, or just looking for a change of scenery, remember to take that low fixed rate mortgage with you along for the ride. Happy moving and here’s to big savings on your mortgage journey.
Need more help or information?
If you’d like to discuss your mortgage, you can contact me here or schedule a convenient call time directly into my calendar below.
